Core Viewpoint - The Shanghai 180 ETF Index Fund (530280) has shown a positive performance with a recent increase of 0.96%, reflecting a stable market trend and investor interest in the underlying assets [1]. Performance Summary - As of January 26, 2026, the Shanghai 180 Index (000010) increased by 0.22%, with notable gains from stocks such as Zijin Mining (up 10.00%) and China National Offshore Oil Corporation (up 6.66%) [1]. - The Shanghai 180 ETF Index Fund has experienced a cumulative increase of 0.24% over the past week [1]. - The fund's year-to-date maximum drawdown is 1.30%, with a relative benchmark drawdown of 0.06% [3]. Liquidity and Trading Activity - The trading volume for the Shanghai 180 ETF Index Fund was 6.07 thousand yuan, with a turnover rate of 0.1% [1]. - The average daily trading volume over the past year was 177.38 thousand yuan [1]. Risk and Return Metrics - The fund has a Sharpe ratio of 2.12 since its inception, indicating a favorable risk-adjusted return [2]. - The tracking error over the past three months is 0.022%, demonstrating the fund's close alignment with the Shanghai 180 Index [5]. Fee Structure - The management fee for the Shanghai 180 ETF Index Fund is 0.15%, while the custody fee is 0.05% [4]. Top Holdings - As of December 31, 2025, the top ten weighted stocks in the Shanghai 180 Index account for 25.29% of the index, with notable companies including Kweichow Moutai and Ping An Insurance [5]. - The top ten stocks and their respective weightings are as follows: - Kweichow Moutai: 4.22% - Zijin Mining: 4.03% - Ping An Insurance: 2.87% - Hengrui Medicine: 2.46% - WuXi AppTec: 2.08% - China Merchants Bank: 2.04% - Cambricon Technologies: 1.97% - Yangtze Power: 1.88% - SMIC: 1.80% - Industrial Fulian: 1.79% [5].

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 4133 | -0.09 | 4.26 | 0.45 | | 深证综指 | 2721 | -0.92 | 7.04 | 0.77 | | 风格指数 | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | (％) | | | | | 大盘指数 | 0 | 0.36 | 13.54 | | 中盘指数 | -0.39 | 11.93 | 34.07 | | 小盘指数 | -1.66 | 10.48 | 26.75 | | 涨幅居前 | 昨日 | 近 1 个月 | 近 6 个月 | | 行业(％) | | | | | 贵金属 | 10.24 | 46.38 | 97.93 | | 动物保健Ⅱ | 5.27 | 16.4 | 31.45 | | 工业金属 | 5.24 | 23.79 | 96.1 | | 小金属Ⅱ | 4.86 | 31.59 | 73.96 | | 饰品 | 4 ...

查看完整报告 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 地缘局势紧张加剧，地缘政治不确定性为油价提供景气基础 本周伊朗、古巴地缘局势紧张程度加剧，原油的地缘政治风险溢价上升，油价上涨。截至2026年1月23 日，布伦特、WTI原油期货价格分别报收65.44、61.28美元/桶，较上周收盘分别上涨1.9%、3.5%。古巴 方面，特朗普政府考虑对古巴石油进口实施海上封锁，该举措是控制委内瑞拉原油出口的延续。伊朗方 面，美国宣布对与伊朗相关实体及油轮实施新一轮制裁，重点指向协助伊朗石油、能源及衍生品出口的航 运和管理网络，此次被列入制裁名单的对象包括多家航运公司及其关联船只。此外，美国已派遣军舰驶向 伊朗，加剧了该地区地缘冲突升级风险。长期来看，全球局势持续动荡，地缘政治的不确定性有望为 ...

Group 1 - The core focus of energy state-owned enterprises for 2026 includes expanding effective investment, planning major projects, ensuring reliable energy supply, and accelerating digital transformation and technological innovation [1][2][3] - The investment plan for the "14th Five-Year Plan" includes a record 4 trillion yuan from the State Grid and 180 billion yuan from the Southern Grid, targeting ultra-high voltage transmission, distribution network upgrades, and digital transformation [1] - The nuclear power sector is highlighted with the launch of the Jiangsu Xuwei nuclear heating power plant, which will supply 32.5 million tons of industrial steam annually and reduce carbon emissions by 19.6 million tons [2] Group 2 - The demand for energy transition and security is increasing, with a projected 3.5% growth in total energy consumption by 2025, and electricity consumption reaching 10.4 trillion kilowatt-hours, more than double that of the US [3] - Energy state-owned enterprises are prioritizing technological innovation and digital transformation as key drivers for high-quality development in 2026, with significant investments planned in these areas [3][4] - Policies from the National Development and Reform Commission and the National Energy Administration aim to integrate artificial intelligence with the energy sector, targeting the establishment of an innovation system by 2027 [4]

| 九转 重大事件 演 加 权 超级叠加 窗 区 信息 ● ▼ | | 紫金矿业 601899 | 6 23 | | --- | --- | --- | --- | | 20251113-20260126 (51) 금 | 41.25 | 39.50 +1.94 +5.17% 困 | | | 40.48- | | 港(HK2899) 42.18 +4.35% H/A -4.73% | | | 39.06 | 委比 | -97.25% | -1016594 | | | 5 | 39.54 | 197 | | 36.88 | | 39.53 | 459 | | 34.70 | | 39.52 | 750 | | | | 39.51 | 343 | | 32.52 | | 39.50 | 1029222 | | 30.33 | | 39.49 | 4253 | | | | 39.48 | 4755 | | 28.15 | | 39.47 | 1101 | | | | 39.46 | 1250 | | 66351 | 5 | 39.45 | 3018 | | | 现价 | 39.50 涨跌 | +1.94 | | 2 ...

| | 沪股通 | | | | | --- | --- | --- | --- | --- | | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | 名称 | | 阿里巴巴-W | -2.0% | -1.28 | 37.44亿 | 阿里巴-W | | 腾讯控股 | 0.8% | 4.72 | 25.64亿 | 腾讯控股 | | 紫尖矿业 | 4.4% | -16.05 | 23.49 Z | 中国海洋石油 | | 小米集团-W | -2.8% | 5.27 | 20.25亿 | 中芯国际 | | 钧达股份 | -6.6% | 2.22 | 20.09亿 | 小米集团-W | | 中国移动 | -0.9% | -11.77 | 19.96亿 | 盈富县金 | | 中芯国际 | -3.3% | 1.88 | 19.75亿 | ڇ类似,不 | | 中国海洋石油 | 4.0% | -0.35 | 17.85 Z | 老铺黄金 | | 泡泡玛特 | -0.9% | 6.13 | 14.19亿 | 钧达股份 | | 长飞光纤光缆 | 17.8% | -0.06 | 13.71亿 | 中国人寿 | 格隆汇1月26日｜南 ...

Market Overview - A total of 70 stocks hit the daily limit, while 40 stocks faced limit down, resulting in a sealing rate of 64%. The market experienced fluctuations with significant divergence between large and small indices, as the Shenzhen Composite Index and ChiNext Index opened high but fell over 1% during the day. The total trading volume in the Shanghai and Shenzhen markets reached 3.25 trillion yuan, an increase of 163 billion yuan compared to the previous trading day. Overall, more than 3,700 stocks declined, with the metal, oil and gas, photovoltaic, and chemical sectors leading the gains, while commercial aerospace, sports, semiconductors, and military industries faced declines. By the close, the Shanghai Composite Index fell by 0.09%, the Shenzhen Composite Index by 0.85%, and the ChiNext Index by 0.91% [1]. Stock Performance Analysis - The advancement rate for consecutive limit-up stocks dropped to 16.67%. High-profile stocks such as Fenglong Co. and Jiamei Packaging, which previously achieved 18 consecutive limit-ups, announced suspension for verification, impacting market sentiment towards high-priced stocks. The number of stocks with three or more consecutive limit-ups fell to only two, with both Runbei Hangke and Yuejian Intelligent hitting limit down. The recent focus of speculative funds on elastic sectors showed signs of localized losses, particularly after the Beijing Stock Exchange restricted trading for a private fund, leading to a significant drop of 28% for Huawi Design, which had previously achieved two consecutive limit-ups [3][4]. Sector Highlights - The "space photovoltaic" sector gained attention following support from Tesla CEO Elon Musk, who stated that SpaceX and Tesla are working to enhance solar energy production, aiming for an annual capacity of 100 GW within three years. Stocks like Mingyang Smart Energy, Tuojin New Energy, and GCL-Poly Energy achieved consecutive limit-ups, although individual stock performances varied significantly. Despite being viewed as a strong rebound opportunity within the commercial aerospace industry, the sector faced challenges amid a broader market retreat [5]. Precious Metals and Energy Sector - International precious metal prices have surged, with spot gold and New York gold prices both exceeding $5,100 per ounce, and spot silver prices nearing $110 per ounce. The non-ferrous metals sector continued its strong performance, with stocks like China Gold, Sichuan Gold, and others achieving consecutive limit-ups. However, many companies' stock prices have already priced in the impact of metal prices on future earnings, raising concerns about potential volatility in stock performance. Additionally, severe weather conditions have driven up natural gas futures prices, leading to a rebound in oil and gas stocks, with China National Offshore Oil Corporation seeing a rise of over 6%, reaching a historical high [6]. Computing Power and Biotech Sector - AWS announced a price increase of approximately 15% for EC2 machine learning capacity blocks, breaking its long-standing tradition of only lowering prices. The computing power leasing sector has shown strength, with stocks like Yuke Technology hitting limit-up. The recent surge in user numbers for Zhizhu and the cash red envelope activities from major tech companies may further intensify demand for computing power. In the biotech sector, news of Nipah virus infections in West Bengal, India, led to a surge in stocks related to virus testing and vaccines, with several stocks hitting limit-up due to heightened risk-averse sentiment [7][8]. Market Outlook - The market exhibited a pattern of rising and then falling throughout the day, with the Shanghai 50 Index briefly rising nearly 2% before ending a nine-day decline. In contrast, the small-cap index experienced a significant adjustment after reaching a new high. The number of stocks hitting limit down approached 40, with nearly 470 stocks declining over 5%, indicating a growing loss effect among individual stocks. Caution is advised as the peak period for earnings forecasts approaches, particularly regarding underperforming stocks [9].

证券之星消息，1月26日油气开采板块较上一交易日上涨6.34%，洲际油气领涨。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。油气开采板块个股涨跌见下表： 从资金流向上来看，当日油气开采板块主力资金净流入5.41亿元，游资资金净流出614.78万元，散户资金 净流出5.35亿元。油气开采板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600759 | 洲际油气 | 4.84 | 10.00% | 846.18万 | | 39.46 Z | | 600938 | 與奧圖中 | 33.49 | 6.66% | 87.76万 | | 28.98 7 | | 000968 | 蓝焰控股 | 8.37 | 5.28% | 74.15万 | | 6.07 亿 | | 600777 | *ST新潮 | 4.20 | 2.94% | 55.69万 | | 2.34亿 | | 代码 | 名称 | 主力净流入 (元) | ...

Market Overview - The Shanghai Composite Index fell by 0.09% on January 26, with 10 industries experiencing gains, led by non-ferrous metals and oil & petrochemicals, which rose by 4.57% and 3.18% respectively [1] - The defense and military industry and the automotive sector saw the largest declines, with drops of 4.47% and 2.31% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 114.32 billion yuan, with six industries seeing net inflows [1] - The non-bank financial sector led the net inflow with 3.49 billion yuan and a daily increase of 0.79%, followed by the pharmaceutical and biological industry, which had a net inflow of 2.84 billion yuan and a daily increase of 0.29% [1] Oil & Petrochemical Industry - The oil & petrochemical industry rose by 3.18% with a net inflow of 806 million yuan, comprising 47 stocks, of which 32 increased in value and 3 hit the daily limit [2] - Among the stocks in this sector, 22 experienced net inflows, with the highest being Guanghui Energy at 329 million yuan, followed by Intercontinental Oil and China National Offshore Oil Corporation with inflows of 238 million yuan and 216 million yuan respectively [2] - The stocks with the largest net outflows included Hengli Petrochemical, Runbei Aerospace, and CNOOC Engineering, with outflows of 151 million yuan, 79.76 million yuan, and 72.04 million yuan respectively [2][3] Stock Performance in Oil & Petrochemical Sector - Notable performers in the oil & petrochemical sector included: - Guanghui Energy: +5.73% with a turnover rate of 6.83% and a main capital flow of 329.02 million yuan - Intercontinental Oil: +10.00% with a turnover rate of 20.42% and a main capital flow of 237.60 million yuan - China National Offshore Oil Corporation: +6.66% with a turnover rate of 2.94% and a main capital flow of 215.60 million yuan [2][3]

智通财经1月26日讯，今日70股涨停，40股炸板，封板率为64%，白银有色5连板，明阳智能3连板，瑞华泰20cm 2连板，九鼎新材9天5板，四川黄金8天4 板，洲际油气4天3板。市场全天震荡调整，大小指数分化明显，深成指、创业板指高开低走，盘中均一度跌超1%。沪深两市成交额3.25万亿，较上一个交 易日放量1630亿。盘面上，市场热点较为杂乱，全市场超3700只个股下跌。板块方面，有色、油气、光伏、化工板块领涨；商业航天、体育、半导体、军工 板块领跌。截至收盘，沪指跌0.09%，深成指跌0.85%，创业板指跌0.91%。 人气及连板股分析 连板晋级率降至16.67%，此前走出18连板的人气高标锋龙股份以及另一只高位人气股嘉美包装双双宣布停牌核查，对高位股方向情绪构成冲击，3板及以上 连板股家数降至仅有2只，且润贝航科、越剑智能2只2进3个股双双断板跌停。此前投机资金聚焦的弹性方向今日局部亏钱效应有所显现，随着北交所近日对 私募浩坤昇发名下证券账户限制交易3个月，拖累此前曾走出2连板的北证人气股华维设计今日收盘重挫28%。此前持续回暖的商业航天概念再遭大面积调 整，中国卫星、中国卫通等人气股跌停，随着上市公司年 ...